PROP FIRM EA is a Forex expert advisor that promises a monthly profit of 10% to 20% and a low drawdown of 4.20%. It is compatible with multiple currency pairs and provides users with a funded trading account.
This EA uses a non-martingale strategy and works on both personal and funded firm accounts. That being said, it is an overpriced EA that fails to deliver a decent performance in the live Forex market. Also, we don’t have much information on the vendor. As such, our first impression of this system is not very positive.
What is PROP FIRM EA?
The EA has a spread control feature that lets you avoid trading when the market is volatile. When you purchase this system, the vendor provides you with a setup guide PDF and video.
The currency pairs compatible with the trading system are AUDCAD, AUDUSD,CADCHF, CADJPY, EURAUD, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPNZD, GBPUSD, USDCAD, and USDJPY. In the beginning, you need to make a minimum deposit of $1000 or more. You can use this system with funding firms like My Forex Funds and FTMO. For the live trading account, PROP FIRM EA uses a leverage of 1:500.
Official PROP FIRM EA website
On the official website, the vendor provides a short description of the system followed by the funding firm challenges. We have a list of features and a brief explanation of the trading strategy. There are a couple of videos showing the backtest and the installation steps. Finally, we have an FAQ section where you can find the answer to several queries.
The company behind this expert advisor is known as Sinry Advice. It is a Malaysia-based company with its headquarters in Selangor. We don’t know who the developers behind this system are and whether they have the required experience. Looking at the unprofessional presentation and the lack of vendor transparency, we don’t have high expectations from this EA.
How can we use PROP FIRM EA?
PROP FIRM EA provides users with a funded trading account up to $200,000. You can activate the news filter to make the EA stop trading on days where major market events are scheduled to occur. There is a 5-minute installation process for this EA and the rest is set up beforehand.
Pricing & refund
There are two pricing packages for this EA. For the 6-months license key, you have to pay $388, and the 1-year license key costs $588. Compared to other providers, the prices are quite expensive. There is a 14-day refund policy for this EA. We don’t think 14 days are enough to test the performance of the system.
Trading strategy
PROP FIRM EA uses a top-bottom reverse strategy with a grid system. For taking trading decisions, it also uses a news filter and smart indicators. The strategy insight shared by the vendor is quite inadequate and this comes as a disappointment. Also, we don’t have the details of the backtest performed on this system. From the backtesting video, we cannot determine the important trading parameters.
Current performance
Since August 01, 2021, the EA has placed 475 trades through this account. However, the vendor has not updated the account since October 25, and we can clearly see why. Despite having a win rate of 67%, the EA has suffered some heavy losses, due to which the account is currently running at a loss of $516.91.
The daily and monthly profits for the account are currently -4.80% and -87.64% respectively. Looking at the high drawdown of 99.84%, we can tell that the EA follows a risky strategy, and this can be confirmed by studying the trading history.
What customers say
There are multiple user reviews on the official website, but since they are not monitored by a third party, we cannot consider them genuine. The lack of verified reviews indicates a lack of reputation.
PROP FIRM EA is a system that you should definitely stay away from. It has shown horrendous live performance and this has prompted the vendor to discontinue the results. The company lacks reputation and there is very little information about the trading strategy.
PROP FIRM EA is a system that you should definitely stay away from. It has shown horrendous live performance and this has prompted the vendor to discontinue the results. The company lacks reputation and there is very little information about the trading strategy.
Forex EA (Expert Advisor) robots are software programs that automate trading strategies and take the emotion out of trading. They analyze market data, identify trading opportunities, and execute trades on your behalf. Choosing the right Forex EA can lead to consistent profits in Forex trading.
No, an auto-trader EA (Expert Advisor) or robot cannot guarantee profits in Forex trading without any losses. Trading in the foreign exchange market involves inherent risks, and there are several reasons why no system, including automated ones, can provide a foolproof guarantee: 1.
Before you decide to download any of these Forex EAs, it's important to remember that using these robots mentioned above doesn't guarantee profits. Trading with EAs can lead to serious financial losses. Trading with any EA without understanding the strategies it's based on is very risky and can lead to great losses.
In trading, success rates of 50-60% for long-term trading systems and 70-80% for intraday trading systems are considered to be good values. However, some Forex trading robots on the market claim a success rate of 95% or even higher, in which case you should be wary, because: it could be a marketing gimmick.
Forex Fury – Popular Forex Trading Robot With a 93% Win Rate. Forex Fury is an established trading robot that specializes in currencies. Its robot is compatible with both MT4 and MT5 and it trades autonomously around the clock. Forex Fury claims to utilize a range of low, medium, and high-risk strategies.
Zeus EA is one of the most popular and profitable MetaTrader Expert Advisors on the market. Created by Russian trader Sergey Golubev in 2019, Zeus has been profitable in backtesting and gives you 5% to 15% monthly returns. Numerous users have named this advisor the best Forex EA of 2023.
Are forex robots effective at generating profits? Yes, forex robots can be effective at generating profits. However, their performance can vary greatly depending on many factors, such as the quality of the robot, the trading strategy it uses, and market conditions.
Improper risk management is a major reason why Forex traders tend to lose money quickly. It's not by chance that trading platforms are equipped with automatic take-profit and stop-loss mechanisms.
Parabolic SAR Strategy: - This strategy relies on the points of the Parabolic SAR to detect changes in market direction and determine entry and exit points.
Is Forex Expert Advisor (EA) legit? - Quora. Yes forex expert advisors are legit. They can make you money but they can also lose you money. I've been in the EA game for a good few years now and it is pretty hit and miss.
There will be times where a currency is moving differently from normal. Perhaps price is spiking and you don't know why. This is a good time to stay out of the market. If you can't understand why price is behaving in a certain way, it is usually due to some unscheduled news that has been released or leaked.
Absolutely, people can make money using a cryptocurrency bot! The potential earnings and time to recoup the initial investment can vary based on market conditions, the bot's performance, and the amount initially invested.
Furthermore, earning a living solely from using trading bots in the stock market is not an easy feat. While some traders and investors have had success using bots to automate their trading strategies, the stock market is inherently unpredictable and subject to sudden changes in price and market sentiment.
It depends on the bot! Some lower-risk crypto trading bots boast a 99% success rate, while others execute higher-risk strategies and have a lower success rate. The main thing most investors need to consider is whether the bot they're looking at can execute their specific investment strategy successfully.
It is difficult to determine how much a trading bot will make on a daily basis with just a starting investment amount of $100. The returns generated by a trading bot will depend on several factors, including the market conditions, the trading strategies used by the bot, and the volatility of the assets being traded.
In conclusion, the question of whether forex bots make money is complex and nuanced. While these bots offer the potential for profits through automation and algorithmic trading, success lies in understanding their limitations and using them judiciously as part of a comprehensive trading approach.
Yes, forex robots can be effective at generating profits. However, their performance can vary greatly depending on many factors, such as the quality of the robot, the trading strategy it uses, and market conditions.
Waka Waka is my second favorite EA but close to the first. I have been using this EA for around 1 year and really do not need to worry. Having around 4 % per month without having to worry if interests went down, up, if there are political problems or not, if there is a holiday with whatever, etc. is just great!
Introduction: My name is Barbera Armstrong, I am a lovely, delightful, cooperative, funny, enchanting, vivacious, tender person who loves writing and wants to share my knowledge and understanding with you.
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